Oil retreats on supply glut
02/12/2014 10:40
The rebound in oil prices was short-lived as bear returned on Tuesday amid concerns over a widening supply glut in the global oil market with US pumping in oil at the fastest rate in three decades while OPEC refraining from cutting production. A slowdown in the global economy evident from flat manufacturing growth in China and the Euro area last month also clouded the demand outlook for the fuel. China’s manufacturing gauge slumped to the no-change 50 mark last month from 50.4 in October, while that in the Euro area fell to 50.1 from 50.6. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,261 per barrel, down by 0.23 per cent, after opening at Rs 4,250 against a previous close of Rs 4,271. It touched an intra-day low of Rs 4,221. (At 10:16 AM).
02/12/2014 10:40
The rebound in oil prices was short-lived as bear returned on Tuesday amid concerns over a widening supply glut in the global oil market with US pumping in oil at the fastest rate in three decades while OPEC refraining from cutting production. A slowdown in the global economy evident from flat manufacturing growth in China and the Euro area last month also clouded the demand outlook for the fuel. China’s manufacturing gauge slumped to the no-change 50 mark last month from 50.4 in October, while that in the Euro area fell to 50.1 from 50.6. At the MCX, Crude Oil futures, for the December 2014 contract, is trading at Rs 4,261 per barrel, down by 0.23 per cent, after opening at Rs 4,250 against a previous close of Rs 4,271. It touched an intra-day low of Rs 4,221. (At 10:16 AM).
